m .u -i
EVENING LEDGER-PHILADELPHIA, WEDNESDAY, SEPTEMBER 23, 1914,
13
1,7 ' . .,, Hi"- ' .
liTNAJNLlAJL, AINU COMMEKCIAL 31TUAT1UIN AT HUMHi AINU AJBKUAJJ maiuvjcj i nm yxixo
CTY'SBUILMKS
INVESTORS SHOW AN
ANXIETY TO ENTER
FINANCIAL MARKETS
Bids Above Par for New
York City Note Issue Re
flects the Better Feeling
Now Apparent.
Xi Indicating tlio general feeling of
confidence which Is rapidly developing
mon investors. It was announced today
from New York that there Is nil unusually
Urge demand for the now city loan of
tlOO.000,000, which has nlrcndy been over
....'.enihed. rar nnd three-quarters la
telng bid. but there Is no disposition to
itll en the part of the Investors who
were fortunato enough to got somo of
the allotment
The Becond Instalment of the loan, ap
proximately 14,000,000, Is being paid In
today by the bank at tho offices of J.
p Morgan & Co. To tho present,
.'substantial amount of the total Issue
has already been delivered to the firm, n
majority of which haa been paid In gold
certificates.
locally tho ono topic of discussion
which Is paramount Is tho extent to which
tanks and trust companies hero will bo
eilced to subscribe to the 1100,000,000 gold
jool, sanctioned by tho Federal Reserve
Board for relief of tho foreign exchango
situation. A special committee of tho
Clearing Houso Association .had a meet
ing today, but It was announced that
no word has yet been received from
Washington as to what apportionment
Philadelphia will bo asked to contribute.
It Is understood, however, that tho total
rill be about J9.000.0O0. Stato banks nnd
trust companies which nro not members
( the Philadelphia Clearing House Asso
ciation will bo asked to join with tho
tanks hero In raising tho required,
originally plnnnd by the Clenrlng
House Association, it was intended that
It special committee should set tho
amount to be naked from each member
Institution. This was later nmended, how
iver, so that the banks will now bo asked
to subscrlbo 'according to their nblllty."
New York's apportionment of $45,000,000
Is now being raised nmong the 127 bnnks
and trust companies In that city. The
Clearing House Association in Chicago
toted today to subscribe $16,000,000 na that
city's part of tho pool.
There was n better feeling In London
today. The Stock Exchange Special
Committee completed Its consideration
of tho question of reopening and pre
sented a final report to Government
members which now awaits the combined
action of bnnkors nnd the Government
Treasury ofllclals. This action, however.
Is not expected to be taken while tho
moratorium exists. It is understood that
the moratorium will be modified on
October 4. Despite the reported sinking
of three British cruisers yesterday In
vestors still maintain confidence nnd a
fairly brisk demand la reported for gilt
edge Investment Issues.
FOREIGN" EXCHANGE QUIET.
Th foreign exchange market was quiet
with rates not much altered from yester
day, except for sterling cables, which
were quoted nt $4.07, a shade higher than
yesterday. Demand Is $1,95?. Marks and
francs are unchanged nt 0oi and 5.12 re
spectively. There was apprehension that marine
risks would be higher today nfter yester
day's disaster to tho British navy in tho
destruction of three cruisers by Gcrmnn
submarines, but underwriters of war risks
here say there was no change In rates
except to India, where the fact that a
German cruiser Is at largo has brought
about an advunce. t
The New York Stock Exchange has Is
sued modified rules for trading In listed
bonds, similar to those promulgated by
the Committee of Seven on Saturday for
unlisted bond dealings. Tho committee
will permit moderate concessions in prices
tut transactions must be approved by the
committee before being closed. Public
advertisement will not be permitted ex
cept after approval, and no circulars
Quoting prices may be Issued.
The special committee of five of the
Baltimore Stock Exchange today ruled
that members may solicit buying orditu
for bonds, but the ban Is still on soliciting
'telling orders. Tho committee made no
announcement relative to tho proposal
that members be Dermltted to sell un
listed bonds nt concessions from prices
current at the close on July JO. It Is
thought, however, that n favorable rul
ing will be mado If limited trading now
authorized proves a success. Members
may now solicit buying orrlcrR for bonds
they own, for cash, nt prices ruling ivhcn
the exchange closed.
SALES RKPORTKD HERB.
Sales were recorded here today of Penn
sylvania nt S2 nnd Philadelphia Electric
at :i. Tonopah Belmont sold at ai. In
New York Lehigh Vnlley sold for 122i
and Pennsylvania 103?,.
Statistics just compiled show that since
JtnUarV 1 1111 ,1'l.an ku.lnn.j Wnf.n n .
snow signs of .slowing up, stockholders
j.c sintered a josh in revenue aggregat
ing tioi.oro.oti0 a year. This sum has
heretofore been paid annually on $1,931,
,W of stock, so that tho return to the
investor, valuing the stock at par, has
Men over s per cent. This $101,000,000
loss ia exclusive of deferred dividends.
in the last twenty months nearly 110
corporations hav cither passed or re
cced their dividends, of which sixteen
ihi rallroatIs and the balance Indus
!l!f f tnls number M companies have
"auced, passed or deferred nctlon on
"leir dividends since August 1. the date
the declaration of war.
CLEARING HOUSE ACTS
ON GOLD POOL PLAN
Asks Banku to Help liaise Philadel
phia's Share of $8,000,000.
The Initial step In obtaining Philadel
phia's contrlbuton to tho $100,000,000 gold
pool wheh will bo used to relievo the
foreign exchango situation was taken to
day when tho Clearing Houso Association,
after a long meeting, approved n form of
request for subscriptions to nil banks,
This rcmiest linn been sent to all financial
Institutions In this city after; the mectln:.
It wns also sent to tho Stato banks nnd
trus companies, asking lint they aid In
raising tho sum which this city will
supply, which Is understood to bo $$,
000,000. Enclosed with the requests for subscrip
tions was a copy of a resolution which
was forwarded to Secretary McAtloo and
tho Federal Reserve Board. This reso
lution outlined tho -recommendations look
ing toward tho proposed fund. The Clear
ing Houso Committee asked that banks
advise tho commlttco Immedlntcly
whether the committee could count on
tho bank's contribution.
IDLE CAR DECREASE
FORECASTS LARGER TRADE
Heavy Grain Shipments Largely Re
sponsible for tho Improvement.
Slnco July 15 there has been n con
stant decrease In the number of Jdl-a
freight cars on the sidings and In the
yards of railroads In the United States
and Canada. Tho fortnightly bulletin
of tho American Railway Association,
Issued today, bIiows that there was a
net surplus of Idle cars on September
15 of 138,019, compnred with 163.323 on
September 1, a decreoEO of 27,277.
During tho two weeks the net surplus
of box cars decreased from 74,922 to
5j,DS.", nnd tho surplus of coal cars from
40,075 to 39,367. There was an Increase
In the flat enr surplus, the total of
S3S7 comparing with 7233 September 1,
The decroaeo In net surplus of nil enrs
In tho two weeks ended September 15 of
27,277 compares with a decrease In the
preceding fortnight of but 8319. Net sur
plus as of September 15 this year of 136,
049 compares with 40,159 n year ago.
A feature of tho detailed figures of tho
latest statoment Is the reduction In the
net surplus of box enrs of 18,939, reflect
ing tho freer movement of grain. In tho
month of August tho surplus of hox cars
actually Increased from 71.081 to 74,922,
duo to tho dislocation of shipping facili
ties which resulted In a tie-up of tho grain
movement, an embargo prevnlllng on sev
eral roads.
COMMERCIAL PAPER
SITUATION AS IT IS
SEEN HERE TODAY
Broker Takes Up Problem at
Close Ranee
How and
Transactions
Through.
s and Tells
Why Such
Are Put
BIG TRADE EXPANSION
IS COMING SAYS BANK
Corn Exchange National Feels That
Great Prosperity Is Near.
That this country Is entering' upon an
era of trade expansion. Is tho opinion
of the Corn Exchange National Uank, of
this city. Tho bank believes that It
may be slow, but that It will gather
force.
"One fact stands out prominently In
the business situation, nnd that Is the
disposition of buyers to sail close to the
wind." says tho bank.
"This Is not surprising In view of un
settled financial and trade conditions;
a conservative policy Is not only advis
able. It Is necessary. Another promi
nent feature of tho trade situation I
poor collections. Tatlenco and Indulgence
should be practiced until conditions are
more normal.
"Speaking generally, business Is spot
ty, with a much better demand In some
lines than In others. Farmers nre get
ting a fair share of the increase in war
prices for grain. Probably never In
our history has tho trade situation
been so complete and dllllcult of analy
sis, for never has a war found the na
tions so Interdependent commercially
nnd financially.
"We still continue to think that the
country Is entering an era of trade ex
pansion, which, wlille It may lw slow,
should nevertheless gather cumulative)
force with our adaptability to the new
conditions which hnvo urlsen."
PHILA. COMPANY DIVIDENDS
United Hallways Investment Com
pany Offers to Sell Its Scrip.
With regard to the dividends recently
declared on the preferred and common
stocks of tho Philadelphia Company, tho
United Rnllwnys Investment Company
Is sending a circular to stockholders an
nouncing that the common dividend Is
pnyablo In scrip redeemable on or before
18 months from N'ovt-mber 2 next. The
Investment company offers to Its stock
holders tho opportunity to purchase its
portion of such scrip, subject to prior
salo at par and accrued Interest from
November 2, 1911. The offer rcmnlns
open until V)ecemhcr 31 next.
Tho Investment company also an
nounces that the Interest on Its collateral
trust sinking fund 5 per cent., gold bonds,
Pittsburgh Issue, duo November J, 1914,
will be paid In cash as usual. Tho semi
annual dividend on tho Philadelphia
BOND ISSUE APPROVED
Missouri Commission Grants Union
Pacific Application,
ST. I.OI'Ifl, Sept. 5.1 Tim Public Ser
vice Commission of Missouri has granted
permission to tho I'nlon Pacific Itallroad
to Issue $31,818,090 bonds under the com
pany's general mortgage.
The commission announced thnt It would
not set n minimum figure for the salo
of the bonds until the company gets
ready to market them.
Few persons realize how many millions
of dollars have come Into Philadelphia
banks, since tho European war began,
from tho sales of commercial paper "on
tho Street." A member of a firm han
dling this form of security was asked to
day to oxplalu the situation.
"In a time like this," he said, "tho wise
morchant, who has built up his credit
over a period when It was least needed,
lnstcnd of bothering his own bank, which
might be none too glad to welcome him
Just now ns a borrower, wilt go a" usual
to his commercial paper broker. The
notes are made to fall duo a few months
hence when things may havo ft rosier
huo and when at least the merchant will
have money coming In from his quick
assets."
"Hut how does tho transaction Increase
the funds In Philadelphia banks?" ho
was asked.
"Well, In the first place the morchant
was kept from being a borrower. In the
next place the monoy obtained by him
was used to create a vory welcome bal
ance Instead of a loan at his own bank;
nnd the actual cash came Into Philadel
phia from the salo of tho paper by the
broker for the most part to country
banks which are relatively very strong
at tho present time.
"Tho Philadelphia banks have acted
splendidly. Besides taking care of their
own customers, In numerous cases they
have oven purchased paper mado out
side of tho city, when, of course, the
money goes out of Philadelphia. But the
cause Is a common one; In fact, It Is
International In scope, and anything that
tho banks do here to help elsewnore is
certainly to the credit of rhlladeipma.
"Do brokers like the high rates?"
"On tho contrary, we are doing every
thing consistent with good banking to
get money In and thereby force down
tho rates. Today the best names aro
selling at 7 and 7W per cent, and 8
Is not at all unheard of. Were the
rntes to go much higher they would bo
almost prohibitive nnd general business
would suffer. Of course, the names not
so well known require the higher rate,
nnd yet some of the best notes are thoso
of comparatively small concerns, which
havo less liability and no contingent
liability. The Individual investor some
times prefers this type of commercial
paper."
"Is this a good time for 'tho Individual
to buy paper?
"If he goes to an established broker
whom ho can trust he will got his cap
ital back at par when the notes fall duo
a few months from today and the dividend
can't possibly be cut."
"And you think the notes will be paid
at maturity?"
"An aeroplane causes more commotion
than a Ford car because of its rarity.
The Claflin failure caused a stir because
It Is so very seldom that a note of such
reputation goes astray.
"It Is estimated that of the billion or
so dollars' worth of bought commercial
paper that falls due each year In tho
United States an almost negligible quan
tity Is not met promptly nt maturity.
The experience of the banks In tho 1907
Panic In this regard was so gratifying
that as a direct result the Federal re
serve bank net wns framed so that the
currency of the country will In tho future
be based almost entirely upon commercial
paper."
"What do you consider a good type of
note?"
"That Is too long a story. Suffice It
to sny thnt such a small matter as too
much Sunday golf may tempt a pur
chaser to turn. Instead to a name of un
blemished Integrity."
As the latch of the private offlco door
clicked behind the lntcrvewer, he was
suddenly reminded of the old adage about
tho banker of Philadelphia ho Is so con
servative In time of plenty thnt he can
afford to be liberal In time of stress.
FINANCIAL NOTES
According to a tabulation Just com
piled, tho principal rhareholders of na
tional banks In New York, together with
their reported book alues, nro George
F. Baker, with holdings appraised at
12.588,232; James Stlllman. with hold
ings valued at $13,240,000; the J. P. Mor
gan Interests, with holdings valued at
56,797,000, and William Rockefeller, with
holdings valued at $3,431,000. John D.
Rockefeller Is recorded as having share
In only one national bonk, the National
City, In thnt he Is credited with owning
1750 shares, valued at $402,500.
REOPENING OF LONDON
EXCHANGE CONSIDERED
Naval Disaster Disturbs Trading In
Securities Moratorium Rule.
LONDON, Sept. 2,1. The Stock Ex
change subcommittee today completed
Its consideration of tho question of re
opening the exchange. Tho committee
presented a report to tho Government
members and now nwalta the combined
action of the bankers and the Treasury,
which It Is believed will not be taken
during the existence of the moratorium.
It Is expected that the moratorium will
bo modified on October 4.
Trading In securities was quieter to
day and the feeling was less confident
becauso of tho sinking of the threo
British cruisers yesterday by Gcrmnn
submarines, this news offsetting tho
favorable advices as to the progress of
the campaign In France. Glltcdgcd In
vestment Issues were stagnant. There
was buying of homo railway Issues nnd
oil shares, Canadian Pacifies were 160.
PORT OF PHILADELPHIA
Sun and Tides
Sun rlies , . SUSn.m. I Sun sets 11:59 p.m,
I'lIIf-ADKM'HIA.
High water. 4:00 a.m. I High water,. 4:20 p.m.
Low water.. UilO a.m. I Low wnter..ll -40 p.m.
IlEEDV ISLAND.
High watr.l2:llla.m. I High water,. 1:15 p.m.
Low water. 7:28 a.m. Low wnter. . 8:01 p.m.
HllBAKWATKK.
Illgh water. 10:32 a.m. I Hlijh water. .11:00 p.m.
Low water. 4:03 a.m. Low water.. 4:41 p.m.
Vessels Arriving Today
Hcathcote (Br.), Olaco Day, ore, L. Wester
KftArd & Co.
Oaklandn Grange (Hr.), (Santiago, ore, J. A.
McCnrthry.
Sailing Today
Str. Minnesota (Nor.), Kvenaon, Port An
tonio, Atlantic Pruit Company,
Str. CJhao (.Vor.). Dnnlelsen, Port Antonio,
united Fruit Company.
Str. netn (Swed,). Krlstlan-uinn. Hol-dngbors
and Owirshamn. Joseph c. Gabriel.
Str. Mohican, O'Neill, Norfolk, etc., Clyde
Steamship Company.
Str. Pawnee, Rich, Now York, Clyde Steam
ship Company.
Str. Anthony C. Oroyes, Jr., Hrlstow, Haiti
more, Ericsson Line.
Steamships to Arrlvo
PASSENOBft.
Name. From. Date.
Mongolian Glasgow Sept. 10
nuiNij'niiii uenoa Pont. In
Dominion
City of Durham
Zuiderdyk
Amsteldyk
Maine
Start Point ....
Man. Mariner .
Adolfo
Sturmfelit
ranodla
Hcathcote
Zerenbergcn . . .
linntrian
California
.Liverpool .
FP.EIGHT.
Calcutta .,
Rotterdam
Hntterdam
London ...
Iondon ...
Manchester
Iluelva ...
Calcutta .
StnvitnKer
Gl'e It'y.
uamirc
.Sept. 10
.Sept. 1
.Hept. IS
.Sept. IS
.Sept. S
.Sept. 12
.Sept. 10
ept. 14
Sept.
. s-ept. in
:sU..Fept. IS
. .nept. 1
mimr jm
mS$ jSH
FREDERICK R. FENTON
Secretary of the Investment Bank
ers' Association of America, who was
lnt this city today arranging for the
third annual convention of the organi
zation, which will be held here the
latter part of November. He spoke
optimistically of financial conditions
generally throughout the country.
BANKERS' SECRETARY
SEES A PROSPEROUS
ERA AHEAD FOR U.S.
Comes Here for Conference
and Speaks Encouragingly
of Outlook for Big Finan
cial and Commercial Trade
Lelth Sept. Ill
.uci.
Copenhagen
Steamships to Leave
PASSENOEH.
Name. For.
Carthaginian Glasgow ....
Dominion I.iernool ...
Stamratla Naples
Uranlenborg . . .
Man. Exchange
Maine
Zuiderdyk
Dunla
West Point ....
Canasta
FnElOHT.
Date.
-Sept. 20
..Oct. ."
..Oct. 0
.Copenhagen
.Manchester
.Lonrlon ...
.Hotterdiim
.Copenhagen
I.ondnn ...
.fhrlmunla
California CopenhnKcn
...Sept. -
Sit.
.. .Sept. 211
...Kept. SU
...Sept. 23
...Sept. ::o
Oct. 3
....Oct.
PORT OF NEW YORK
VESSELS ARRIVING TODAY.
Olympic (Dr.). HaiMock, from Liverpool
panscnjreri) and merchandise, docked S n in
America Utah). Fllcttl, Genoa. Palermo and
Naplce, passengers and merchandise, .locked
at U m.
Name.
Chicago ...
Name.
Mauritania
New York
Antilles ...
Vessels to Arrlvo
DUE TODAY.
From.
Liverpool .
DUE TOMORROW.
From.
Liverpool ..
Liverpool ..
Genoa
Sailed.
..Sept. 14
Sailed.
..Sept. lit
..Sept. JO
. .Sept. 10
NEW YOItK COTTON SAXES
PUBLIC UTILITY NOTES
Cross earnings of the Philadelphia and
western Ilailwnv Pnmnnm. i a......
I Vre J37.031. an Inoreaso of II IS 1 over
me same month of tho previous year;
August net was Jls.flOj. Increase $1531;
Sjf surplus $6109, Increase J1398. Tho
month s business wns the largest In the
wtory oj the company.
The Kat 8t Louis and Suluirlnn Com
thii' ,"anaeecl ' L. Clark & Co., of
n...y' ha.3 t-nn,llitrd Us new ate.-.in
generating plant and fcubatatloti at Alton,
ef'hi. ?' conl"l"ir the transmission
"i Doth steam and hydroelectric power.
W new stcam l"snllatlou Is of W0O
horH ro,m' a,, ,ho substation of S000
tha ?r,PWc.r ropacKr. connecting with
lL: i lsmlssl0 lines of the .Mississippi
current ,Wer ComP'iny at Keokuk. The
Kh T.1?0 B,eatn Bmi' awl the
wUea n, .el?etrl; plant i3 supplied to 1S5
East f '"'"urban lines radlatlns from
ted tmi.e .u ' nml "lso ,0 ,he I'SlltlllK
tea power circuits of the company.
Poru',yston?.Te,epnono Company re
till s ' J.62, Elent months' surplus Is
v'.sot, an Increase of $2!.121.
5f?ni,f 2'B"00 6 Per cent, first
Ston Sf," '""''sage bonds of tho
Hclvi 1 g. ComPai,y' due 193T, havo
thti yJl"" f p,an for " whanse
WV Corn?8 .'r. Dayton Powr and
hB2 "' ""d refunding raort-
Hv.,vw MWy i.
Tito New York Cotton Kxrhansa Conference
C'nmmlttev to-lay reported the following suit a
Ul I'-JilUU til U',- l-Cllls H t-UUll-i.
Nornvir Mayer Co
Slir.ustm Hammllt Co....
Hentz t'u
S. M. Weld Co ,
Jay Hunl i'.a , .,,
Rtmkoif I.vnn Co.
It. Monro Co
Pynchoti Co
Hal ill n, fitnne Co
Ileniy Clew Co
lUlr.t-.keit
Dale.
... 4uo
... .'tun
. . . i'HI
. .. ;wo
... iihi
... IIHI
. .. 1IKI
... 100
. .. im
... 100
... ino
STANDARD OIL STOCKS
Hid ami nsked quotation on Standard
Oil stocks today were as follow:
Standard Oil of New York, lTBIilS.i; At
lantic Ht-'linliiK. -IK iUi: Standard Oil of
California, !W'."i(2J2: Prairie oil. 325fJ3V(;
Anglo American Oil, !::;( I'lVi: pierce Oil
124(15; Standard Oil of New Jersey, 3o0ty
3S0; Stamlaul Oil of Ohio, 1WQ161; Vacuum
Oil, lt3U0.
IIAILHOAD EARNINGS
NBW YORK, ONTARIU AND WBHTKRN.
Year end. Jur.o M.
riui. aff-r I'lurK-u
HALTIMORK
August oi'ir. rev
Net
Two months opvr. rev .
Net
Wll.
. S'JOI i!U2
AND OHIO.
1UII.
.$i,70),:;tu
. S,TCT.:tlU
IMJT.fliil
. 3.UU,.'i:to
Decrease.
I)ecrae.
!I'.S Mil
. SI3 ir.S
l.M l.st.'l
OU.UIT
THE MONEY MARKET
Rat (or uony at all the Uadlng centra.
iuua m touows:
today 'were
Philadelphia ..,,
New York ......
U-at'-ll ,
1 nt am
n
Call.
jp
T
Time.
u
t;ax
S98
t
l-bi'il'' hla C-trro-tHat papr thrf to u
ii-rsths taaw'l ie- lul'j yet nat
Unless a protest by tha Wabash-Pltts-burgh
Terminal Company, which con
trols it, Is upheld the Wheeling and
Lake Krle rtallroad will be sold under
foreclosure nt Cleveland tn Friday.
A proposition to iluat a $300,000 loan
In Kaston was defeated at a special
election by 30 votes.
Denial that the stock of thn Pninnini
Trust Company, nt 13th and Market
fctrects, has been sold to the Logan
Trust Company Is made by Harvey L.
Klklns, president of the former com
pnny. An announcement was made In
Juno that the Logan Trust Company had
agreed to pay $60 a share for tho stock
of tho Colonial Tru3t Company, which
has a par value of 50 n share and was
to take over the latter's business. Mr.
Klklns declares that although negotla
tlcns looking toward the consolidation
of the two companies were under con
sldcratlnn during the spring months, tho
negotiations finally fell through.
The Honolulu Plantation Company
has raised Its dividend from 10 cents
to 15 cents a month.
Stockholders of the American Water
Viorks nnd Electric Company have re
ceived from H. H. Porter, president of
the ..-ompany, a letter telling them that
Vi'm ,v of existlnK conditions and tha
iiitllculty of seeming tho necessary funds
for constructon purposes by the sale of
purines or subsidiary companies.
-...--.una navo neadi-d that it Is
visaing (o
FREIGHTS AND CHARTERS
A demand for grain carriers haa stimulated
activity In the Bteam market with rates prom,
dull ailvan:e- The sail market continues
STEAMSHIPS.
Stella (Dutch) New York to Scandinavian
ports, sraln. lS.fOO quarters. It... prompt.
Hartland (Dr.). naltlmoro to French Atlantic
ports, oats. 38,000 quarters, is. :i,. prompt
Ksrom (Dan.). Raltlmore to Norway. Kraln
20. COD quarters. 4s., prompt. urain.
Skojoldbors (Dan.), i:i,0(m qunrters. same.
Sarmatla (Dan.), same, l,O00 quarters ,1s'
t'.sd., October.
''JX1, W"'""".). Baltimore to Chrlstlanla, grain.
20.000 quarters. .Is., Ud.. prompt. '
Klfland (Br.). Gulf to Hordeaux, grain. ;.
000 quarters. .'Is., prompt.
Wellbeck Hall (Rr.). C.ulf to Mnriellela,
Cystlo Rruce (Rr.), 20!n tons. Philadelphia
toaI.?Ii.1 n.l.quf ?oal Private terms, prompt.
Oulldhall (Fir.). ItV.u tons. Baltimore to Clen
fuegns, coal, private terms, prompt.
rrocress III. (Nor.), transatlantic trade. 4
months. Is. od., prompt.
SCHOONKRS.
rcrcy Rlrdsall, WW tons. Philadelphia to
Charleston, coal, prlvma terms.
Thelma, 410 tons. WlRKlns. S. C. to Port
land, Mo., lumlxir, private terms.
M. J. Taylor (llr.). 377 tons. Moss Tolnt to
Matanzas, lumber, t.
tho
it is inad-
payment of
commence thn
dividends at this time.
Tho American Sugar Refining Company
today bought 9000 bags of Cuban raw
sugar on the basis of 5.2-J cents a pound.
This Is a decline of 3-S cents a pound
from tho last recorded sale.
Tho Oklahoma Corporation Committee
today issued an order forbidding oil pro
ducers to sell for less than 65 cents a
barrel. The order came simultaneously
with the announcement by the I'ralrle
Oil and Oas Company reducing quotations
to a cents a barrel.
A protective committee has been oruan
Ired by the largo owners of the tll,
elO,000 preferred and W.773.000 common
stock of the International Steam Pump
Uf-Mjany. which recently went Into th
hv- t receivers. Tha committee will
re-jjescnt interests of th stockholders,
RAILROAD NOTES
The special train of the Pennsylvania
Railroad, carrylnf? General Mannser S.
C. LonK and about 300 odlclals of the
operating department of tho railroad,
passed throush Overbrook this morning
on tho annual track Inspection trip,
which Btnrted In Pittsburgh yesterday.
After the party arrives In Now York
the train will ro to Jamaica, i.onr
Island, where the olllclnls will inspect
tho Interlocking slioinls In tho vards
there, after which tho otllelals will re
turn to their respectlvo stations on the
company's system.
Directors of the Pennsylvania null
road, Pennsylvania Company and the
Pittsburgh. Cincinnati. Chicago and St.
Louis Railway met today. The meet
ing was tho first since tho summer
recess, After tho meetings it was an
nounced that only routine business wns
transacted.
During the last year the Pennsylvania
Itallroad awarded IWOO In premiums for
the maintenance of sections nnd roadbed
In the best condition. Tho premiums were
awarded In Harrlsburg last night, after
the end of the tirst day's annual Inspec
tion or tno lines of the system which
stalled In PlttsburBh yesterday morning,
Oenernl Manager S. C I.nntr mi hnni
3C0 olllcers of the Pennsylvania itallroad
taking part.
The directors of the Norfolk and West
cm Railway met this afternoon. It was
announced that only routine business was
transacted.
Theodore Voorhees, president of the
Philadelphia and Reading Railway, said
today. "Our earnings In July and August
were poor, but business with us Is now
must better tha nit was then. Septem
ber Is actually ahead of September, 1913,
which, however, was a poor month- Oen
eral merchandise is nothing to brag about
but tho outlook Is encouraging. The an
thracite trade Is strengthening despite
the warm weather, which Is consldired
only a temporary factor. The outlook
from the point of view of transportation
is decidedly encuraglng."
President L. K. Johnson, of ihn vn,tn.
and Western Railway, said today. "Nor
!?lk.a,n.d .Westcrn'a coal shipments from
Norfolk for xPort are above normal
The coal trafnc of the road In general Is
very food."
An optimist of the most pronounced
type Is Frederick R. Kenton, secretary of
the Investment Bankers' Association of
America. He can see nothing ahead for
this country but a period of utiequaled
prosperity. Ho has mndo Inquiries In all
sections, nnd from each the return has
come to him that confidence Is every
where being restored and that It will be
only a question of a short while before
there shall be a revival In the business
nnd financial fields which shall spell
"good times" for every one.
Secretary Fenton came here today from
Chlcngo, his home town, to confer with
local Investment bankers concerning plans
for the forthcoming gathering of bank
ers, which Is expected to be one of the
most Important In the Association's his
tory. The convention date has not yet
been fixed, but it will very likely be held
during the third week of November.
"Things nre much brighter In the west
and middle west," snld Secretary Fenton,
In discussing the financial situation gen
erally. "I hear very good reports from
the east and I am confident that this
country Is now on tho verge of an era
of prospjorlty never before equaled in
its hlhtory. Crops nre great, the people
generally nro prosperous and there Is com
ing a slow but sure resumption of busi
ness thnt Is apparent to a larger degree
ns eucn day passes.
"From the standpoint of tho Investment
banker, the situation Is very encourag
ing. Thero Is a growing demand from in
vestors for tho securities of hlgh-grndo
corporations, and this demand will in
crease. A decisive battle in Europe would
go a long way to adjust conditions gen
erally and would undoubtedly lead to tho
teopenlng of exchange trading on a largo
scale. I expect that tho war In Europe
will develop a demand for American se
curities which will exceed all expecta
tions. Foreigners have an opportunity
now to see tho extent of the stability
of American securities, and I havo no
doubt that there will bo more inquiries
from foreigners than ever before.
"On the whole the situation is encourag
ing. Confidence Is being restored every
where throughout the country, there ap
pears to bo a better demand from small
Investors, nnd while tbf banks are In
clined to bo a little receptivo just yet,
there will soon come a resumption that
will bring about a moro prosperous con
dition than has ever been apparent."
Tho Investment Rankers' Association is
mado up of tho prlnclixtl bankers In this
country nnd Canada, tieorge W. Kcnd
riek. 3d, of I-:, w. ('lark & Co.,
and "William West, of Henry & West,
nro the Philadelphia members on tho
board of governors of tho Association.
WHEAT MARKET DULL
AND TRADING NARROW
Berlin Quotntlon Received for First
Time Since July 30.
CHICAGO, Sept. 2J.-The wheat market
today was an uninteresting aftalr. Trade
was less active than on yesterday, mm
changes In prices were narrow. Prices
were; heavy most of thn time, nltlimigtt
thete were tho usual Hurries incident to
war times, nnd the war Umo nervousness
t !...,., .t ., n nt.nl nt. ., . nnnl.ll InKJ II t .11
received from Derlln anil Amsterdam to
day for tho- first time since July SO. At
Antwerp prices wore up BV4c nnd nt Her
lln IDtv, n3 compared with the close un
July 00,
Sentiment wns helped some by firmness
nt Winnipeg, wheio exporters nre doing
n largo buslnrss. In the American
northwest the markets were lower. To
ward tho close hero the markets scotetl
, the best advance of the day on reports
of large sales of wheat for export from
1 tho Pacific cohsI. Sales of the cash
article hero wote COOO bushels. Haiti nml
cold weather have gieatly Interfcictl
with seeding nnd soil preparations In
Europe.
At lierlln spot wheal wns quoted nt
(I.StUi at Antwerp, 1.174i nt Paris,
JI.I5i. Flour at Paris Is 3."1 a barrel.
O rain men attach significant to the ?Il"),
000,000 gold pool to reconstruct the for
eign exchnngo market. It Is believed that
this will materially nld the export situa
tion. Tho visible .supply of wheat In Eu
rope Is C8,9C8,000 bushels, against CJ.TOI.OOO
bushels last weulc and 73,300,000 bushels
last year.
Italy and the Unlit d Kingdom will un
doubtedly show n fair Increase In their
wheat area If the weather permits. Tho
acreage 111 Germany and Austtla will be
materially reduced because of lack of
labor. The weather In Argentina I"
more favorable. Tho receipts of wheat
nt Minneapolis and Duttith today weie
1203 cars, against MS cars a year ago;
nt Winnipeg, 1120 cars, against 1117 cars;
at Chicago, 610 cars, against 51) cars.
Trade In corn wns slow and market
easier. There was scattered commission
selling on better weather In the belt nml
easier cah'es. Prospects are for liberal
shipments from Argentina this week.
Corn at Rerlln Is $1.10. The receipts here
today were 103 enrs.
Ooats wero easy. Cash trade was re
ported poor. The receipts of oats here
today were 223 cars.
Leading futures rnnged na follows: u
Yes.
SHOW ACTIVITY
IN OPERATIONS
Important Work Started in
39th and 42d Wards.
Banks and Trust Com
panies Advancing Capital.
Wheat. Open. High. Low. Close, riiir-e
Heptemhcr . 1.07)4 l.Oi'.l l."7 l.:s. l.nsv.i
December .. 1.11H l.iau l.M '1.11'i, tl.ll
.May 1.1.H LIU'S 1.17 tl.lli'.i M.liH
Corn (now delivery)
September . 70 70 7.S '.V Ti",
December .. 71i 72 7m 711 72
May 741i 71, 7:IZ 7-lfj 7I
Oats
September . 'KIK 47H (7 47 47-;
December . . M W -l!i CO',
-May Bl XV i Kh !.Vih MJ
Ijird
Septt-mber . n.fir. n.n o.rtr. n.4.i to. '17
diiotier .... o.:c. n.ir, n:is n.ir, yii.hi
Jar.unry ... tf.ST !.. 0.07 u.ltr, O.ir,
Illbs
September ttl.n? ll.as 1 1.4ft
October . .Ml.'-O 10.r 10 M 'Ills.-, lo.ltt
January .. 10.."t 10 57 10.47 M..V, lit. ."ft
Pork--
September .17.7." 17.7." 17."
January .. 20.17 20.2ft 2u.pt U0.2J 2u.:fi
Ultl. t Asked.
ITALY PUBLISHES REPORT
ON WHEAT CROP OF WORLD
Says Conditions Show Production
Will Be 10 Per Cent. Lower.
WASHINGTON. Sept. 23 A cablegram
received today by the Department of
Agriculture from the International In
stitute of Agriculture at Rome, esti
mates tho total production of wheat in
the following countries as 20"! million
bushels, or S2.S per cent, of last year's
crop: Hungary, Belgium. Spain, United
Kingdom, Italy, Luxemburg, Nether
lands, Kussla In Europe, Switzerland,
Canada, Denmark, I'nlted States. India,
Japan, Tunis and Constantine, province
In Algeria.
Harley production for the nbovo named
countries, omitting India, is estimated
nt 1071 million bushels, or !J.9 per cent,
of last year, and the oats crop of the
countries named, omitting India and
Japan, is 2,i7D,000,ono bushels, being -S7.7
per cent, of last year.
ANOTHER SUGAR PRICE CUT
All Refiners Now Quote 6.75 Cents
for Fine Granulated.
A further reduction of Ho. a pound in
refined sugar was announced today by
tho American Sugar Itetlnlng i.'onipany
H. H. Howell, Son .t Co.. and Warner
Sugar Kenning Company. All refiners aro
now quoting ti.TIe. regular way for tine
granulated sugar.
Spot raw sugar Is unchanged at 5.6lc
for centrifugal.
FOREIGN EXCHANGE
Tho foreUn exchange market was firm.
Demand sterling, after opening at l.93?2
ftl.DJ'U, hardened to 4.96, and cable trans
fers to 4.97.
The demand Is now centering on the lat
ter form of remittance, as sight bills are
no longer available for the coming quar
terly settlement. Franc cables worn
quoted 5.11;&5.12 and marks at 9,.
BANK CLEARINGS
with
Bink clearlns-i today romr.tre
enontllns nay ia i- jearn.
' 111! I una
Philadelphia $21M7 720 J27 717.a7
Hoston I7.P22.7N) 22.7.M US
New York 17n..m:i.ill.l 27.'..Sf it. 7.1.1
Chicago ... 44,lKI7,Ml 31.V4lt.tIT4
oorre-
1012
?2tl.7.-l2.lltl
17. '.'S3. SOI
:k.3.2.'o,2v:i
The purchase by Mark Holler of lot
northwest corner of Third nnd Porter
streets, extending from Third to Fourth
street nnd from Kltner to I'orter street,
from the fllrnrd estate, psltites of Anna
T. King and John II. McNeill, Is by
for nno of the most Important trans
actions In the aath Ward, and tho ag
gregate cost wns $t!2,HJ0.
The sale of portion belonging to the
estate of Stephen Oirtnd, confirmed by
tho Orphans' Court, after statement by
the trustees, was owing to the fact
"that It was far removed from other
realty of the fJIrard estate and cannot
be ndaptetl for the kind of Improvement
that the estate Is engaged in," such ns
the operation tit 20th nnd Porter streets,
now extending to 21st street, nnd In
which the supply Is far short of the
demand creating a very substantial
waiting list.
On the other hand the purchaser
shows very good Judgment In acquiring
this block nf property. It Is on ihn
southeast edge of tho built-up portion.
The trolleys making the turn nt Fourth
nnd Tlltncr streets, one of the corners,
four lines of cars ritdinting to different
sections, use the Fourth and Fifth
street trncks. nnd east and west lines
can be found on Snyder avenue three
squnres to the north.
Jlore than 200 dwellings, with stores
at the corner, will bo erected. They
will he of tho two-story type and one
hnlf of them are now under way. cellars,
and cellar walls appearing on the Kltner
street front. The need of this operation
Is apparent by the few properties "for
sale or to rent" In the locality, nnd
gteat Impetus has developed from activity
along the river front, with the deeper
ehaiim-l, the opening of tho Panama
Canal and the proposed enlarged opera
tions of the Pennsylvania and other rail
roads. In connection with largo wharf
facilities, all requiring a great amount
of Inbur. which must be housed.
The section hns a main sewer running
east on Shunk street from Broad street
to Wcccaroe avenue until It meets the
plant of the Pennsylvania Salt Manufac
turing Company. It runs south to Oregon
avenue and east to the Delaware River.
The grades of streets In that section are
to be changed to accommodate Its opera
tions. This, with laterals, will allow the
building up of all that land lying north
of the Pennsylvania Itallroad tracks and
between Broad street on the west and
Swanson strert on the east. Car service
will be extended to meet the situation.
This section bids fair to he the thea
tie of coming activity along real estate
lines.
NORTHWEST SECTION
Available lots for building purposes
were further reduced this week by the
settlement for property In the 43d Ward
and transfer to Charles .1. Heckler. They.i
aro situated at Park avenue and Mc
Forran street, with front nf SIO.S'.J feet ,J
on the north and south sides of Mc-
l-errnn street, so feet on Park avenue
and 200 feet on Thirteenth street.
McFerrnn street nnd Thirteenth street
will bo opened by dedication, making a
public improvement nt this point.
This is an extremely well-built-up and
liusv section, nenr lines of the Richmond
Branch of tho Philadelphia nnd Reading:
Railway and industrial establishments In
cident thereto; it is also favored by nu
merous car lino routes In every direction.
An operation of 43 dwellings Is planned.
This piece of real estnto Is practically
tho last piece- of ground which can bo ac
quired In tho neighborhood of Broad
street anil Erie avenue, tho nearest large
holding west of Old York roail being along
Hunting Park avenue, where vacant
ground Is held nt J3O.000 per ncre. Hor
nce Oroskin was the broker In this
transaction.
OIL PRICES REDUCED
The prices of all grades of oil
today redttcetl 5 cents
Ohio Oil Company.
a barrel by tho
NOTES ON THE STREET
The start of these operations Indicates
that trust companies nnd banks, which
hnil virtually censed to do business with
builders, are beginning to show confidence
in tho future by ngain handling opera
tions. Monoy Is much easier in the last ten
days than It has been sin-'o the begin
ning of unsettled conditions.
No special locality is In favor In th
wero transfers. There Is somo activity In tho
Elmwood nvenuo section,
Sixtieth street.
Eouthwest of
LESSOR.
PHILADELPHIA MARKETS
DIVIDENDS DECLARED
Maniirictnrer; Light and Heat Company
regular quarterly 2 per rent, payable itcta.
bir t.1 to stoek of record Hentember 30
11. I Taylor A Co.. regular tiuarterlv ia.
per cent . raat,.e October I to Mock of reel
urd pejtemtier JU. "c
Franklin
annual L!U
stuck ot record Heptcmber 22.
Trust Company, resrul.ir smt
per i-ent . tvoable October tl to
Canadian Cottons. Limited, regular uuar
lerly It, per tent, on preferred, payable Oe-
WetlnBhoue Electric
pani. regular quarterly
ferret and I i-er cent, on common
iriitru in I'ltJitUlt
.Manufacturing Com-l-it
per cent, on pre.
1-k-tnhiV tR.-'.Y .!" ''
- ,,-t. ... ((Ml 111.
GRAIN AND FLOUR
Wlin.lT. Keielpt. 1.19.0 It Imnh. Spring
varieties declined 2-.. but nintor wht.t un-it-
abl unchanged, ttutsld- a.Uiit weaker. Kx
port lntpilry lens active, iar lots. In ext.trt
elator No. 2 red, pot and September, fl.IO
til 1ft: No. 2 red We.tern. fl. llftl. 10; No I
Northern Duluth. fl.22'01 27
COHN. Receipt. .1010 bunh. Trade quiet
and price He. l-er iar lut for Imal trn-U-.
na to lo.Mtliin -N. 2 .-Uiw, sivj.Uc.; tteam
er yellow, S7'3fi.v.s-'.
OATH Uecelpte. 32.324 bush. Market lean
active nnd pries dei-llned .-. No. 2 whit..
.MVififiSo. ; ttandiinl white. HSMSc, No, a
whff. .VIVi.-Mc.
I'LOl'lt. Itecelpts, 1473 bb.. 1.779.330 lha.
In sacks. The market dull and l.arel: meajy.
Winter, clear. Jl 7-iflft. do . itratsht. Mi.12V
do . patent, f 1.4 Oft .1.7.1. Kansa. stralEht. Jute
dck, f.1'.'Og.i:-n do., pat.nt. lute aek, J.I HO
JiUiO. iprlns. tint --lear. IMJS.U3. do.,
tr.ilght. J.I V-.1iO.iii ,t i . p-itent. f.Mlivsd, f.
orlte brands. J0.21i?it 7.1 r: mills, ch dc
and fanrv ratent JO 210 7.1. dn.. regnl-tr
cradet- Winter, clear. Jl T.ltjl; do., etralsM.
$...!. .in; do. patent. J.1f.rsii.
ItVi; ri.Ol It. Quiet and unchanged, at
S3VS.a per bbl in w.d.
PROVISIONS
leniueV'So!'' ""' llth l tX'k ot r""'J "?
Underwood Typewriter rVimr. ,.... .
quartet lv U, per cent, on preferred ami T S
Imeriea
wi
of tecord Scrtenthct 21.
Distillers Company of
uuurietiv - ur i iter cent m. ....:. ;
obit October 31 to ttKdcfVe7or.VHeptembe1
Indianapolis Water Works Pecurltle. r
ranv. regular eem utinnii -it ' Vi""" '
preferred, navabl iK-tohor i ..? .!'". ltnt.
5!cp.ty?4,22!:a,,,' 'Kt0ber to & oT"rW!l
CHICAGO LIVE STOCK
1'IIICAlItl. Sent.
nw, market .Vtj lit,
- -HOtlS -ntcripts, 20 .
i V.I: ..... "if" .-""' wati
PUBLIC UTILITY EARNINGS
AND UQHT
30UTJIWEBTERN POWER
COMPANY
Auiut sroM
Net ...
12 months'
Kt . .
ro4
.'
JM4.IWS
1'-T 12
t.12 ta 3
1 1U10O0
Ineren"
4',ISS
10 841
fit f 1
- " - iJktrii ;tnii Pitii. k.
er. j-s..omu.ir. gt d. heavy J,s rS, ","
h.4i. .sfiS.im. light is -Akh in. 'V' rough
SEO. bulk Jt4u!uSikt. t-ATTli-'Ifi t""
ll.tiOii. market, ,tea,lv: t? Ill t,'?'
ious and h.lfer.. J4 V.i t,,cke'r fl?fn.'
J08U.M. SIIKKP ""celpu n.u e't!-
i,&&",lve ana w su .TJSSJS!
PHODUCE MARKET
NEW VOItK. Sept 2S -Butter steadv
f!,p.t"'.7?6' Cr""m- extra, nunl'
State- dairy tubs. ,29v imitation
cremeryj;ttrst8. S:44e "
Kggs. ucarttled, recepts, 15,598. Nearby
white- fa-ey, mvr , nearby mixed,
fancy. Sy,-, fresh, firsts. illiJPc,
Trade quiet and largely of jobbing charac
ter, but prices tea,y. i'lt href. In tl.
smoked and air-. tried, .'tjfl.'ljc,; Western beef.
In ets. smoked :tli.12i' . ct beef, knu-kUj
and lenders, smikcd nnd atr-trle-l. .tyjisic. ;
Western beef, knuckle an-1 tender, smoked.
S2t:i4c : beef hams. 4'fi4Sc. ; pork, fantllv. JJtl
f27. Hams, ri. V. cured. loose, IVufllrtljc.
do., eklnned. loose t&L-j3i H-. . dvt.. do., smok
ed. 16 UK. . other hams smoked, city cured,
aa to brand and average. laitK. : ham,
smoked. Western cured, lsBllk : do., boiled,
boneless, 5lH20c . t-lcnl- thoulden. 6. I'.
cured, loose. 1212S 'l" smoke.1. 143 HV
bellies. In pickle, according to average. I Hie,
ItlKc. l-rtakfast bacon, as to brand and
aerage, city cured. 22tiVlc . breakfast bacon.
Western cured 222lc. . lard. Western re
fined, tlercs. 114itllic : do., do.. 4"-. tub.
UkCltV-- la"'- t'ir '' kettl rendtrej.
In tierce. UVsl'-'r. lard, pure city, kettle.
rendered. In tub, llJi;c.
SUGAR
HKVINKO. Pull and BO points lower.
Ftandard granulnte.1. tl.Sic. . Hoc grunuWlel.
0 7V.. powdered. 0 s.v confc-tiOBr A
0 05c.; wft grades. .I.U'W-1'..nlo.
DAIRY PRODUCTS
HVrrKII. -Market uulet. but steady at
late decllnt i meting mo l-rate but antple.
We-tttrn freh s HJ-t-a-ke.l. -rcatturv f in,
s-,.-clals. Xh extra He extra rtrit. :k
first 2'-j2'J.ic.. e-'oiid. 28'27c , iaule
taikird. Siario.. a to quality, nearby print
BC. 3o.: 40., averate -xtra SSfltBe , j."
Crets WJSle. ; do c.-n.1, 27j2c jJpe iai
lili.i brands of prints Jobbing at 'tMi.
KliOS. rtn fresh stck nrttty well
HtdDcd up at stead) prt -.- Sui"ie- n. ,il
of heat dm.d stock th. h ,r d,i
flan . . - w, m rhu &vl. '. . . '
j ni recslpt., T!S7tit ,.tr standari a-T
li , .. s,-v - .. . ." ? "
i,- i,'m r r. - - v " 'j .
-,; .,i - - v't a;,
. ....
ofrerlngf an 1 a fair demand. New York full
crnm. cboltv, Hibj-ijtc , d . do, fair to
good, 1,1',-oltk. ; ,lo , part skuns, Offllc.
POULTRY
lMtK.N-I', -Desirable nock well cleaned
up and nrm. Kr- h-kiil. f,jwi, r u,,, select
ed h.-av, 3lt,c. ; fancy, welching t'it-5 lb,
apiece, sH;.; weighing 4 lh. apiece, 20c,;
wclt-hintf ' lb. oi-le.-e. I741lc , welghint
:i llx. und under apiece, ltk ; old roosters,
dry-picked, Lltjc.: brnlllns chh-kens. nearby
u-lsjunj, l'j(b. pl.ri" 11.92iV ;d5.! (SI;
t,. go.l. ltl5lK., chicken. Western, ai'-tjl
b. aid oer uiiiee. luc. do., do., 2:i
IU al,ie.e iseifc, brnilms . hlcken Wt
fin. weighing tVo-. lbs., 17flV.. do., fair to
lug lltiis lit. .et- doi . M.lifHWi; white
- ghlnt! IH-lrt ll, pr Jo lafta.TO. wit te
weighing S lbs., r-r'dos.. J2;.1ftVDof'do.. to!:
7 II... per d-.i.. H75US; do.T ifo . m"i' b,.
iT'li ' ,-SSB-Su- "' " N 2. 'liJiO
., J'.M 'TVw!h buyer again on treet. but
!r"oi. iiLiV"' "?'" " '-"en. low
er. J-owl l.rJ7t . old rooster, I2tl3c:
ttirlnu .hu-keii. i..jrdlng lu o.ualty uSltio.!
du-k. .dd. 136 tic. do., spring, nuts,-.. - it
oT"?' .VTi-J"'-?-. "J'i" w4"l--s -i lb. and
o; r apiece. ,o,,, ,-.,., welgb.n U,l. lb.
ft' 'oij-'Sr-;,,:;. ""'M .' . 'h -n".
IJKl'lt-.V .
old, SOi.-. . pUeons i.er pair l.lfittSc.
FR13SII PR U ITS
r.,','!,r"?..,?.u.' ?'' '":. u.n'Jer freer
- ..... ..,., l-t.ue.l I1IIIM (.t,.i,- a
eggs
!.,I-"lrav!,iln. (I.SOfiSVS, I
r..r, v. r.;. " ",,
-.11 1 ?.,,
,. -: . .. T--- --
c eitaetauia
itic-lium,
-fferfng.
Apple.
iiuh. Jl ri
l '"02 2.1,
Al.tilee. iLlnuii,. ,...A
ti.-r hun.i.u. ,,.A..... . . .
U-t. .iUi. Itlleat.l,.e. ner .-r.,,.. t-.r,..
rn K. i-.i. ..T S.. r-' -.- .-..,
,5 ?. iit; ri-.n-llt. Iln: Vl. 1 runb.r.
-TO. tMtH) ilium. l.I uni
l-t.. do . Ler tate. i 1.1s.-
Ii
Itlcu
'tTa? JuJi..,-uaJ,!-4": " " Ji.AW
do. ... pur rle, 7i jl 2i. d ". iISST,,
d riv,d. ,, bKi. 2-ejiT.V . do Ji
yi "au. lik.ttil 23 l-he.: ivniuiylvanu'
,'Mi l-re white or ll..w. sii,7jT
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